China hit on dollar
THE Australian dollar is taking a battering from another day of steep falls on the Chinese stock market. At 5pm yesterday the local unit was trading at US73.84¢, down from US74.85¢ on Tuesday. During the course of the day it fell to a new sixyear low of US73.72¢ and dropped below 90 Japanese yen for the first time in more than a year. It also fell to a sixyear low against the British pound. Thinkforex senior market analyst Matt Simpson said the plunging Chinese market is a much greater focus for local investors than a possible exit by Greece from the eurozone.